EU decision on state aid to benefit Greek companies with high losses due to pandemic, FinMinistry says

The Greek Finance Ministry welcomed the European Commission’s extension to December 31, 2021 of the State aid Temporary Framework to support the economy in the context of the coronavirus outbreak, in a statement on Friday.

The Commision also decided to expand the scope of the Temporary Framework by increasing the ceilings set out in it and by allowing the conversion of certain repayable instruments into direct grants until the end of next year.

In terms of the doubling of ceilings rates, on which rate a government calculates the returnable advance to companies, the ministry said this would benefit businesses directly hit by the pandemic which have experienced a drop in turnover of at least 30 percent in 2020 compared to the previous year. Any support they have received so far and the number of employees will also be taken into account, it added.

This measure is added to those the ministry is promoting to expand the safety net provided by current measures, it said.